Obopay/Mastercard

http://www.americanbanker.com/issues/175_107/mastercard-offers-cash-transfer-app-1020320-1.html

Am I the only one that thinks this is a little sad? Why would you roll out a service that can’t be used (no banks signed up for it)? Obopay has built an iPhone app for the Money Send service.. the only way to make it work is for both the sender and reciever to have a Bancorp pre-paid card.¬† They should have probably sit on this until they get a bank signed up.. ? Given that Obopay has MSB licenses in 48 states.. recievers could get notified, registered, link bank accounts and get cash 3-5 business days later after¬†they validate bank account? sound convenient to you?

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2 thoughts on “Obopay/Mastercard

  1. Tom, How do they get the story published? Included is this accolade:

    “The MoneySend service is based on technology developed by Obopay Inc., a pioneer in P-to-P transfers.”

    I see they were founded in 2005, a full 6 years after PayPal.

    Then there’s this from the Obopay website:

    “Obopay is the first truly comprehensive mobile payment service in the United States. That means we’re the only service that lets you instantly get, send and spend money anywhere, anytime with anyone.”

    Yes, sad.

  2. Their sales, marketing and alliances team is incredible. Also give Carol credit for being able to sell sand in the desert wrt/ capital raise. Did you see this http://blog.obopay.com/index.php/2010/02/26/obopay-named-one-of-mit-technology-review%E2%80%99s-2010-tr50/

    MIT, WEF, … how do you win awards with no customers?

    Nokia is completely in charge of all India activities now.. understand Obopay is now off w/ verizon selling prepaid story to major retailers… https://www.obopay.com/corporate/mobileOperators.shtml

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